McKesson (MCK) Trading Setup: Bears Still In Control

McKesson Corp’s (MCK) average trading price range is $2.45 per day.

Since the middle of 2016, MCK has struggled relative to the entire market.

Part of the reason is the political footballing on the topic of opioid

The monthly chart has broken down from a near 7-year bull cycle.

The weekly chart shows MCK in a bearish phase under the 200 and 50 week
moving averages.

The Daily chart has yet to catch up with the longer timeframe breakdowns.

With a wall of resistance at 152, MCK is currently in a range between 152
and 140.

Near term, a close under 147.25 indicates yet another test of the 140

Under 140, MCK can fall to 134-135. Beneath that level, this stock can then
head to 126-127 offering a solid risk/reward short opportunity.

Note that you can get daily trading ideas and market insights over on Market Gauge.  Thanks for reading.

Twitter:  @marketminute

The authors may have a position in the mentioned securities at the time of publication. Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.

Sign up for our FREE newsletter
and receive our best trading ideas and research